Beanstream and Sage Simply Accounting Partner for Enhanced Direct Payment Service
VANCOUVER, BC, January 11, 2011
LML Payment Systems Inc. (Nasdaq:LMLP), today announced that wholly-owned subsidiary, Beanstream Internet Commerce Inc., has delivered the electronic payment processing technology behind the newly enhanced direct payments service for Sage Simply Accounting, the #1 choice accounting software for Canadian small business and accountants* with more than 500,000 customers across North America and 25 years of development.
With a simple click of a button, Sage Simply Accounting Direct Payments subscribers can now pay bills by directly depositing money into their vendors’ bank accounts. In addition, subscribers can also directly and electronically debit customers for fees owing. The new Customer-Pre-Authorized Debit and Vendor Direct Deposit and options are designed to complement Sage Simply Accounting’s popular employee direct deposit product currently used by payroll administrators.
“The Sage Simply Accounting Direct Payments service connects directly to the Beanstream payment gateway using a seamless application programming interface. This interface is specifically designed to help software providers create fully integrated, branded payment solutions to work with their existing applications. We are pleased to continue offering this technology to such a valued solutions provider and are excited to be involved as Sage Simply Accounting introduces enhanced outbound payment options and new inbound payment services to its clients,” said LML President Craig Thomson.
“Sage remains committed to developing quality solutions that meet the needs of small businesses, accountants and bookkeepers. The Sage Simply Accounting Direct Payment service comes in response to customer demand for a solution that could handle supplier payments and customer invoicing and is as simple and intuitive to use as the existing direct deposit for payroll product,” said Sage Simply Accounting Vice President and General Manager Jamie Sutherland.
About Sage Simply Accounting
Sage Simply Accounting is the #1 choice of Canadian small businesses and accountants,* used by more than 500,000 Canadian businesses. Developed in Sage’s global research and development centre in Richmond, B.C., the fully bilingual Sage Simply Accounting is known for its easy to learn, easy to use approach to accounting, while providing the most comprehensive features that small businesses require?from start-up through to maturity. Sage Simply Accounting is supported by a highly trained team of customer service specialists in our Richmond, B.C., centre, and by 10,000 consultant partners located in communities across Canada who help thousands of companies daily to manage their business more effectively with Sage Simply Accounting. For more information about Sage Simply Accounting, please call 800-665-8805, or visit http://na.sage.com/sage-50-accounting-ca/.
About Sage North America
Sage North America is part of The Sage Group plc, a leading global supplier of business management software and services. Sage North America employs 4,000 people and supports 3.2 million small and midsize business customers. The Sage Group plc, formed in 1981, was floated on the London Stock Exchange in 1989 and now employs 13,400 people and supports 6.3 million customers worldwide. For more information, please visit the website at www.sagenorthamerica.com.
About LML Payment Systems Inc. (www.lmlpayment.com)
LML Payment Systems Inc., through its Canadian subsidiary Beanstream Internet Commerce Inc., and US subsidiaries Beanstream Internet Commerce Corp and LML Payment Systems Corp., is a leading provider of financial payment processing solutions for e-commerce and traditional businesses. We provide credit card processing, online debit, electronic funds transfer, automated clearinghouse payment processing and authentication services, along with routing of selected transactions to third party processors and banks for authorization and settlement.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all passages containing verbs such as “aims,” “anticipates,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects” or “targets” or nouns corresponding to such verbs. Forward-looking statements also include any other passages that are primarily relevant to expected future events or that can only be evaluated by events that will occur in the future. Forward-looking statements are based on the opinions and estimates of the management at the time the statements are made and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. Factors that could affect the Corporation’s actual results include, among others, the impact, if any, of stock-based compensation charges, the potential failure to establish and maintain strategic relationships, inability to integrate recent and future acquisitions, inability to develop new products or product enhancements on a timely basis, inability to protect our proprietary rights or to operate without infringing the patents and proprietary rights of others, and quarterly and seasonal fluctuations in operating results. More information about factors that potentially could affect the Corporation’s financial results is included in the Corporation’s quarterly reports on Form 10-Q and our most recent annual report on Form 10-K filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance upon these forward-looking statements that speak only as to the date of this release. Except as required by law, the Corporation undertakes no obligation to update any forward-looking or other statements in this press release, whether as a result of new information, future events or otherwise.
LML Payment Systems
Patrick H. Gaines - CEO
Sage Simply Accounting
Yvonne Yuen - Senior Manager, PR